"The Board based its vote of confidence on Rupert Murdoch's vision and leadership in building News Corporation, his ongoing performance as Chairman and CEO, and his demonstrated resolve to address the mistakes of the Company identified in the Select Committee's report," the company said in a statement, according to Reuters.

Reuters adds:

"The fact that it has taken nearly 36 hours since the publication of the Select Committee's report to back Murdoch had already raised speculation the board was undecided on how to approach the sensitive matter.

"But one long-time News Corp watcher on Wall Street said the board, which has been under pressure since the scandal broke last year to show its independence from Murdoch, would have been reluctant to be seen giving a knee-jerk reaction to the critical 85-page report."